“Golden handshakes are back,” he says. “For the best part of half a decade, many salaries have been capped. What we are seeing now is a pressure cooker effect. The lid has blown off.” Last November, Estates Gazette revealed average pay in the sector had risen by 10% in 12 months after four years of falling pay. The market saw a strong recovery in 2013, and most forecasters are expecting 2014 to be a vintage year. “Many firms have acquired a bit of a war chest and they are investing this in people,” says Deverell-Smith. His same-name recruitment company reveals three recent “golden hellos”:

A 36-year-old development manager with 15 years’ experience has been given a £40,000 golden handshake with a guaranteed bonus of 100% of his basic salary of £100,000 — a 20% increase on his previous basic salary.

A 32-year-old surveyor with 10 years’ experience has been given a £15,000 golden handshake with a further £15,000 drip-fed throughout the year on top of a basic salary of £40,000 — a 10% increase on his previous salary.

The 46-year-old executive director hired by a developer received a substantial six-figure golden handshake with a package guaranteeing a 20% increase on his previous earnings.

French bank-owned agent BNP Paribas Real Estate has been particularly active in the market this year, says Christopher Mackenzie of Cobalt Recruitment. “BNP has approached so many people.” In February, boss John Slade said: “We want to add another 50 staff this year”. Since then a string of appointments have been announced.

Mackenzie of Cobalt says that golden handshakes are “still a bit of a rarity. But, yes, it is happening to the very talented people. What’s also happening is that many get counter-offers and stay”. Cobalt forecast general levels of basic pay will increase by 5% in 2014, and adds: “There is a general shortage of good candidates in a market where demand is rising.”

Mid-ranking agents such as Colliers and Cluttons all have expansion plans, which generally involve luring talent from top firms like CBRE and Jones Lang LaSalle. Cluttons senior partner Bill Siegle is spearheading an overseas drive at the 450-strong firm. “I am not in favour of golden hellos. But we are looking for more staff and are offering very good packages,” he said.

Broadgate aims to be a haven for eastern refugees

When the Singaporean sovereign wealth fund finally closed the £1.7 billion deal to buy half of Broadgate on Christmas Eve, an interesting statement was made by the owner of the other half of 30-acre site containing 16 office blocks.

“British Land wants to broaden the site’s appeal from a purely City-focused financial base to cater for those companies setting up in the creative and tech sectors traditionally based in east London,” said Land boss Chris Grigg.

A week earlier, the City Corporation issued revised planning rules demanding more public consultation and more consideration for cyclists. But the main change is that the previously ignored tech sector is now embraced because the City “has a vibrant and growing technology, media and telecommunications sector.” Watch out, Shoreditch.